Meanwhile, the Chairman of Cement Company of Northern
Nigeria (CCNN), Alhaji AbdulSamad Rabiu, on Wednesday said that plans
were underway to ensure the listing of more companies in the BUA Group on the
Nigerian Stock Exchange (NSE).

Rabiu stated this at a bell ringing ceremony in
commemoration of the merger and acquisition between CCNN and Kalambaina
Cement Company (KCC) Limited at the NSE in Lagos

The News Agency of Nigeria (NAN) reports that CCNN, which is
a member of the BUA Group, recently had a successful merger with KCC.

He said the group was in discussion with the Exchange to
ensure listing of other companies from the BUA Group on the nation’s bourse.

“As you know, BUA Group has other companies apart from
CCNN that is already listed.

“We are discussing with the NSE so that we can list some of
the companies on the exchange as well,” Rabiu said.

He lauded the management of the NSE and stockbrokers for
their support during the merger of CCNN with KCC.

Rabiu noted that the new entity was now stronger to produce
more products and deliver enhanced returns to investors and all stakeholders.

He said that the merger had increased CCNN’s total issues
and fully paid shares from 1.257 billion shares to 13.144 billion shares.

Speaking on the merger, Rabiu said the expanded CCNN would
remain the market leader in its regional market of North West Nigeria, the third
largest market for cement in Nigeria by consumption.

He said that the company would continue to explore the huge
opportunities that exist in the export markets of Niger, Burkina Faso and the
West African sub region to increase market share.

“Traditionally, the huge cost of transportation to CCNN’s
home region from other cement plants in Nigeria – the nearest being about 900km
away – has always given us a strategic advantage in that region over competing
cement companies and brands.

“The expanded entity would leverage on the cost and energy
efficiency of the newly commissioned Kalambaina Plant whilst providing
additional value through its products in terms of better quality, higher yields
and a stronger cement than competing premium cement brands,” Rabiu said.

He said that with the merger, the total installed
capacity of the merged entity would be two million metric tonnes per
annum.

According to him, this is expected to bring the total
capacity of BUA’s cement operations to eight million MTPA with the completion
of three million MTP Obu II Cement Plant in Okpella, Edo.

NAN also reports that CCNN in 2018 led other 24 stocks on
NSE to emerge as the best performing stock in percentage terms.

Data obatined by NAN from the Exchange showed that the
company appreciated by 104.21 per cent to close at N19.40 against N9.50
recorded in 2017.

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